Just so you know, FHA will probably not work for you, since they only underwrite primary residences, not 2nd homes or investment properties. By the way you wrote your request for help, it appears that you currently own a primary residence and will be using the new condo as a "work address" that will allow you to reduce your commute from your primary residence.
So that leaves you with the Fannie Mae/Freddie Mac option and the wait time there is 4 years after BK.
If you need any advice from me, I would be happy to help. Give me a call at your convenience.
Mortgage Banker, BMO Harris Bank
24 Hr Direct Fax: 312-945-7363
NMLSR ID 662142
Wells Fargo Home Mortgage | 900 N Michigan Ave #1700 | Chicago, IL 60611
Tel (312) 893-8120 | Cell (773) 412-2969 | Fax (866) 798-4979
Once you get pre-approval letter you are ready to look for a new home and i can help you with that feel free to contact me any time.
David M. Siegel
Every lender has its guidelines. We work with a professional and knowledgeable group of lenders that will search every possible avenue to help you. Please feel free to contact me so I can provide you with their numbers. Good luck!
Quality Mortgage Lending
Mary Kay Laurent
Vice President of Mortgage Lending
3940 North Ravenswood â€¢ Chicago, IL â€¢ 60613
NMLS ID 2611 | NMLS Consumer Access
Licensing Information: https://www.guaranteedrate.com/licensing
State License Numbers: CA - CA-DOC870598 - 4130699, IL - 031.0032236 - MB.0005932, WA - MLO-870598 - CL-2611
services are usually free to the buyer as buyers agents for properties listed in the multiple listing service are paid at the closing by the sellers side.
Feel free to contact me with the app. purchase price, size of property and I will connect you with an appropriate Realtor and lender.
Good Luck to you
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From my notes in order for you take a loan from the time your Chapter 7 has been discharged the following applies depending on the type of loan:
Fannie Mae 4 years
Freddie Mac 4 Years
FHA 2 Years
If you should have any questions in regards to this I have total trust with Mary Kay Laurent at 773-516-6859 with Guarantee Rate to guide you through this process.
Best of Luck
It is going to depend on how long ago the Chapter 7 bankruptcy was discharged. If it has been 2 years, then you could be eligible for FHA financing. Was a mortgage also part of the bankruptcy? Of course with FHA financing, the condominium development has to be HUD approved.
Give me a call to discuss further. I've helped several clients with a past bankruptcy get new mortgage financing.
Senior Loan Originator
One Mortgage, Inc.
NMLS #: 222407
It's possible you can qualify for a loan. A lot depends on when the Chapter 7 was discharged. Feel free to give me a call to discuss further. I can be reached directly at 312-204-6556.
Senior Loan Officer - NMLS # 574681
Chicago Financial Services
312-204-6556 - direct
312-608-1555 - mobile